Construction contract signed for second string of TurkStream’s offshore section

Gazprom and CNPC broadening strategic cooperation in energy sector

The country imported 34.03 million mt of crude in January, down 6.5% from the record high of 36.38 million mt in December despite surging 27.5% on the year.

Iran's crude oil and condensate exports rose 3% month on month in January as it continued to regain market share, widening its appeal among refiners around the globe in the process.

The average price of spot LNG imports to Japan contracted in January 2017 was $8.40/mn Btu, up from $8/mn Btu in December 2016, the ministry of economy, trade and industry (Meti) said February 9, their highest level for two years. But Japan's IEEJ says that prices have now peaked.

But Lee said that South Korean demand for LNG would keep falling in the short-term due to increased electricity output from nuclear and coal-fired power plants. The country is the world's second-biggest LNG importer after Japan.

Indonesia needs to invest $70 billion to $80 billion in gas infrastructure through 2030 to avoid a potential gas shortage, as domestic consumption growth outpaces supply, state-owned energy business Pertamina said Tuesday.

Therefore, OPEC has raised its supply to Asia, and Russia has also re-routed a great chunk of its rising production toward China and the Asia-Pacific over the past decade. Russia surpassed Saudi Arabia as China's biggest supplier last year, exporting 1.05 million bpd of crude versus Saudi Arabia's 1.02 million.

Despite a drive by the European Union to diversify gas supplies and reduce its reliance on Russian imports, Gazprom increased its market share in Europe to 34 percent last year from 31 percent in 2015, posing a challenge to policymakers.

“Today’s action to reapply for the Keystone XL Pipeline’s cross-border permit is an important step forward to building a 21st Century energy infrastructure system across our nation,” said Gerard. “The Keystone XL Pipeline would support tens of thousands of jobs, contribute billions of dollars to our economy, and deliver energy efficiently and safely to consumers.

The Tapi pipeline is projected to export up to 33bn m3 of natural gas a year from Turkmenistan to Afghanistan, Pakistan and India over 30 years. It was earlier scheduled to be operational in 2019 but, because of delays in achieving financial closure, the pipeline's first gas flows from Turkmenistan are now scheduled for 2020. The much delayed project was formally inaugurated on December 13, 2015.

India’s double-digit LNG import growth took a breather in the month of December, falling 2.9% on year, according to oil ministry’s Petroleum Planning and Analysis Cell.

The tanker is the first of a new class of icebreaking LNG carriers that will open an export route from Siberia to the Pacific — reducing Russia’s dependence on selling gas through pipelines to Europe.

Pakistan LNG Limited opened the financial bids for the supply of 240 shipments of LNG January 19. Gunvor has bagged a five-year contract to supply 60 shipments while Eni has been awarded a 15-year contract to supply 180 shipments.

Pakistan LNG Limited will open financial bids for the supply of 240 shipments of LNG on January 19, while contracts to successful bidders will be awarded on Jan 31.